Gainesville and Boca Raton, FL-- September 3, 2014--The Florida Institute for the Commercialization of Public Research (the Institute) announced today that it has finalized a funding agreement with Cool Flow Dynamics; a Sarasota based company that is developing an energy efficiency solution for open-case display refrigerators used by food and beverage retailers. The Institute supports new company creation based on publicly-funded research, and bridges early funding gaps for companies spinning out of Florida-based universities and research institutions.
Open-case refrigeration has become a global problem and is the largest source of wasted energy in the retail sector in the United States. In the United States, convenience and grocery stores open case refrigeration costs can make-up 55% and 35% of its total energy consumption. With technologies licensed from the University of Florida, Cool Flow Dynamics is developing a retrofit low-cost, easy to install “plug and play” device that attaches to the outside of an existing open case refrigerator.
Using extremely low power plasma, a wall of fast moving air similar to a waterfall is released over the open area of the unit, creating a separation wall so that neither cold air in the unit, nor the warm air from the outside can penetrate the moving air. Cool Flow Dynamics retrofit solution has no moving parts, unlike energy inefficient fans and motors.
“Open case refrigeration has become such a substantial problem that the US Department of Energy tried to write new legislation in an attempt to curb inefficiencies, but were unable to find a suitable solution that met their standards. This provides a tremendous opportunity for us when we go to market,” said company CEO Kalu Watanabe. “Customers will yield energy saving and will be able to comply with the increasingly stringent energy efficiency standards.”
“Cool Flow Dynamics is developing a product that is addressing both economic and environmental issues,” said Jamie Grooms, Institute Chief Executive Officer. “With increasing regulation they will allow convenience and grocery stores to meet the energy standards implemented while benefiting from the cost savings; estimates show a 30% savings on refrigerator energy costs alone.”
About the Institute
Formed by the Florida Legislature in 2007, the Florida Institute for the Commercialization of Public Research is a non-profit organization that works collaboratively with the technology licensing and commercialization offices of Florida’s state universities and private research institutions to leverage a $2B+ research base and form investable companies that create clean jobs in new industries that are driving the global economy. Over 100 new company projects have been identified across the state, and the Institute deploys company building and funding programs to promising Florida startups. Thirty-four companies have been funded since the program’s inception.
About Cool Flow Dynamics
Cool Flow Dynamics Inc. is a Sarasota, Florida based company which is working with the University of Florida in Gainesville to develop a proprietary product which will provide energy efficiency solutions for open case refrigeration targeting the global food and beverage retailer segment.